S+W hikes fee income by 13 per cent

Scottish firm Shepherd + Wedderburn has posted robust financial figures for 2005-06, with annual fee income rising 13 per cent to £34.6m.

The firm also confirmed that it was planning to convert to limited liability partnership (LLP) status later this year.

Shepherd, which gave a total income figure as of year end, said a separate figure that would include an adjustment for work in progress and other non-fee income sources of revenue would be issued “in due course”.

The firm’s chief executive Patrick Andrews said that although the revenue increase was ahead of the 8 per cent rise in 2004-05, what was particularly pleasing was the five-year trend which has seen Shepherd’s fee income rise on average 14.5 per cent.

“Ours statistics show our growth has been sustainable and suggests it will continue to be sustainable,” he said.

Andrews pointed to Shepherd’s corporate, projects and pensions groups as all having particularly strong years. Highlights included acting for Trump International on a land purchase deal in Aberdeenshire, Scottish & Newcastle on a drinks joint venture with Kuehne + Nagel Logistics, and ProStrakan in its London main market IPO, which raised £40m.

Andrews said the decision to convert to LLP status had been planned for some time. “It is a sensible move,” he added, “a more modern and transparent way to do business.”